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Hedera Hashgraph price prediction: Here’s why HBAR is soaring

Hedera Hashgraph price prediction: Here’s why HBAR is soaring

Last updated 30th Nov 2022
Disclosure
  • Hedera Hashgraph price held steady after its deal with Ubisoft.
  • It also jumped after the launch of its EVM smart contracts mainnet.

The Hedera Hashgraph price has done relatively well in the past few days. HBAR, its native token, is trading at $0.2395, which is about 28% above the lowest level this year. Its total market cap has improved to about $4.3 billion.

Hedera EVM smart contracts

Hedera Hashgraph is a leading blockchain project that was started by Mance Harmon and Leemon Baird. It is an advanced Ethereum-killer that has multiple use cases in industries like fraud mitigation and payments processing.

Hedera uses a different approach compared to other blockchain projects. For example, unlike Ethereum, it has a governing council that is made up of companies like IBM, ServiceNow, Wipro, and Boeing.

The Hedera price is rising as investors react to the latest partnership with Ubisoft, a leading gaming company. The deal will see Ubisoft joining the governing council of the network.

Ubisoft will use Hedera Hashgraph’s products to build its decentralized applications (DAPPs) and non-fungible tokens (NFT). It preferred Hedera’s network because of the faster speed and stability of the network compared to Ethereum.

Hedera has an average transaction per second of about 50 and handled 126 million transactions in the past 30 days.

Therefore, the HBAR price is rising as investors bet that more companies will start developing in its ecosystem. Hedera recently partnered with Alliance Block.

The second reason why the Hedera Hashgraph price has done well is the recent launch of its EVM smart contracts. The upgrade included Solidity smart contract integration with the Hedera Token Service. Solidity is an important programming language that is used by about 30% of all Web3 developers.

In a statement, Gehrig Kunz, the Vice President of Product Marketing said:

“Integrating Smart Contracts 2.0 onto the Hedera Token Service makes life easier and more flexible for developers and their end-users seeking to tokenize and transfer assets on the network.”

Hedera Hashgraph price

The four-hour chart shows that the HBAR price has been in a slow bullish trend in the past few days. Song the way, the coin’s price has formed an ascending channel that is shown in black. The price is currently at the upper side of this channel. At the same time, the price is slightly below the 38.2% Fibonacci retracement level. It has also moved above the 25-day and 50-day moving averages.

Therefore, there is a likelihood that the Hedera price will continue its bullish trend as bulls target the key resistance at $0.2643.

If you want to trade cryptocurrencies, you might be interested in automated cryptocurrency trading robots such as Bitcoin Prime, Bitcoin Era and Bitcoin Code.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.